ADQ acquires USD1B stake in Sotheby's in strategic acquisition
Date
8/11/2024 8:20:43 AM
(MENAFN) ADQ, an Abu Dhabi-based investment holding company, has reached a major agreement to acquire a minority stake in Sotheby’s, the renowned global auction house specializing in fine art and luxury goods. Through this deal, ADQ will purchase newly issued shares of Sotheby’s, aiming to reduce the auction house's debt and support its ongoing expansion and innovation efforts. The total investment amounts to approximately USD1 billion, with additional capital being contributed by French businessman Patrick Drahi, who has owned Sotheby’s since 2019. Drahi will continue as the majority owner of Sotheby’s following the transaction.
The transaction, anticipated to be finalized by the end of the year, is subject to standard regulatory approvals. ADQ’s investment in Sotheby’s is part of its broader strategy to enhance economic diversification efforts in Abu Dhabi. This partnership is expected to not only assist Sotheby’s in its growth and market expansion but also strengthen its presence in the Middle East, aligning with ADQ's objectives for regional economic development.
Hamad Abdulla Al Hammadi, Deputy Group CEO of ADQ, has expressed strong enthusiasm about the deal, highlighting ADQ’s confidence in Sotheby’s brand and management team. Al Hammadi emphasized that this investment underscores ADQ’s commitment to positively impacting the Emirate of Abu Dhabi and advancing its strategic economic goals through this significant acquisition.
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